European Stocks Get a Lift From Strong Earnings Reports

LONDON ( The Deal) -- A flow of strong earnings reports buttressed European stocks on Tuesday after a generally positive day in Asia was tempered by declines in mainland Chinese indices.

In London, the FTSE 100 edged up 0.14% to 6,620.26. In Frankfurt, the DAX gained 0.24% to 9,373.86 while in Paris the CAC 40 jumped 0.43% to 4,240.87.

Watch the video below for a closer look at how European markets are doing in midday trading Tuesday:

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In the U.K., the British Retail Consortium and KPMG LLP's gauge of retail sales showed that unusually warm autumn weather continued to deter customers from stocking up on winter clothing in October. But the results were better than expected, with same-store sales flat year on year, compared with a forecast 0.5% contraction. Same-store sales had tumbled 2.1% in September. 

Telecom company Vodafone (VOD)  led the FTSE 100 gainers, jumping almost 6% after first-half service revenue fell less than expected and the company announced a plan take on the U.K.'s former telecom monopoly, BT Group, in the market for residential broadband with the launch of a new service including TV in the spring .

Shopping mall investor and developer Land Securities was up close to 3% after announcing a 12% leap in net asset value at the end of its first half from six months earlier. Pretax profit jumped to just over 1 billion pounds ($1.58 billion) from 398 million pounds.

Home builder Taylor Wimpey (TWODF) rose almost 4% after lifting its guidance for 2014 operating margin growth and declaring that the U.K. housing market is "growing steadily and sustainably."

Electrical components maker Renishaw surged more than 10% after forecasting steep rises in both full-year revenue and pretax profit . 

In Frankfurt, Henkel (HENKY) , the company behind Persil detergent and Schwarzkopf hair dye, was up 2.5% by late morning after lifting operating margin guidance for the full year and reaffirming its expectations that sales will rise between 3% and 5%.

In Paris, steelmaker ArcelorMittal  (MT) declined about 2% after analysts at Citigroup cut their recommendation to neutral from buy as the bank slashed its forecast for iron ore prices.

French automotive parts maker Faurecia enjoyed an early boost but then retreated after the company announced progress building revenue in China.

In Tokyo, the Nikkei 225 closed up 2.1% at 17,124.11 as the yen tumbled. In Hong Kong, the Hang Seng closed up 0.27% at 23,808.28.

Mainland Chinese indices all moved lower after shares in smaller companies declined. 

 

 

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